By Kimone Witter
The CARICOM Secretariat has authorised the suspension of the Common External Tariff on the importation of lithium-ion batteries into Jamaica.
The suspension of the CET is effective from February 2, 2024, to February 1, 2025, for a quantity of 240,000 lithium-ion batteries.
The Ministry of Industry, Investment and Commerce says the decision follows intervention by Minister Aubyn Hill at the 57th Meeting of the CARICOM Council for Trade and Economic Development on November 27, 2023, and subsequent bilateral consultations between Jamaica and Barbados.
The ministry says it will continue to monitor the industry and utilise the mechanisms available under the Revised Treaty of Chaguaramas to verify and determine regional capacity to supply the product, in the coming months.
It says this will be an important factor in examining the scope for renewal of the CET suspension.
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